(State or other jurisdiction of incorporation) | (Commission File Number) | (I. R. S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||||||||
(Nasdaq Global Select Market) | ||||||||||||||
Exhibit No. | Exhibit Description | |||||||
99.1 |
Dropbox, Inc. | ||
/s/ Timothy J. Regan | ||
Timothy J. Regan | ||
Chief Financial Officer |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue | $ | 633.0 | $ | 591.0 | $ | 1,866.6 | $ | 1,726.1 | |||||||||||||||
Cost of revenue(1)(2) | 119.6 | 109.7 | 356.5 | 328.4 | |||||||||||||||||||
Gross profit | 513.4 | 481.3 | 1,510.1 | 1,397.7 | |||||||||||||||||||
Operating expenses(1)(2): | |||||||||||||||||||||||
Research and development | 216.4 | 227.6 | 714.4 | 653.4 | |||||||||||||||||||
Sales and marketing | 106.3 | 103.6 | 346.4 | 304.3 | |||||||||||||||||||
General and administrative | 60.0 | 56.8 | 175.8 | 165.6 | |||||||||||||||||||
Impairment related to real estate assets(3) | — | 4.0 | 2.2 | 12.7 | |||||||||||||||||||
Total operating expenses | 382.7 | 392.0 | 1,238.8 | 1,136.0 | |||||||||||||||||||
Income from operations | 130.7 | 89.3 | 271.3 | 261.7 | |||||||||||||||||||
Interest income (expense), net | 5.0 | 1.7 | 12.6 | (0.2) | |||||||||||||||||||
Other (expense) income, net | (0.2) | 7.2 | (1.8) | 9.6 | |||||||||||||||||||
Income before income taxes | 135.5 | 98.2 | 282.1 | 271.1 | |||||||||||||||||||
Provision for income taxes | (21.4) | (15.0) | (55.8) | (46.2) | |||||||||||||||||||
Net income | $ | 114.1 | $ | 83.2 | $ | 226.3 | $ | 224.9 | |||||||||||||||
Basic net income per share | $ | 0.34 | $ | 0.23 | $ | 0.66 | $ | 0.62 | |||||||||||||||
Diluted net income per share | $ | 0.33 | $ | 0.23 | $ | 0.65 | $ | 0.61 | |||||||||||||||
Weighted-average shares used in computing net income per share attributable to common stockholders, basic | 339.2 | 358.1 | 342.5 | 364.2 | |||||||||||||||||||
Weighted-average shares used in computing net income per share attributable to common stockholders, diluted | 346.0 | 360.1 | 345.9 | 366.5 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cost of revenue | $ | 5.8 | $ | 6.4 | $ | 17.6 | $ | 18.8 | |||||||||||||||
Research and development(4) | 58.6 | 60.6 | 178.9 | 169.6 | |||||||||||||||||||
Sales and marketing | 5.2 | 6.0 | 17.0 | 16.4 | |||||||||||||||||||
General and administrative | 14.2 | 13.1 | 41.6 | 38.6 |
As of | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 604.3 | $ | 232.8 | |||||||
Short-term investments | 704.6 | 1,110.6 | |||||||||
Trade and other receivables, net | 64.1 | 53.8 | |||||||||
Prepaid expenses and other current assets | 94.1 | 92.6 | |||||||||
Total current assets | 1,467.1 | 1,489.8 | |||||||||
Property and equipment, net | 298.9 | 308.4 | |||||||||
Operating lease right-of-use asset | 244.4 | 260.6 | |||||||||
Intangible assets, net | 65.8 | 88.3 | |||||||||
Goodwill | 400.5 | 403.3 | |||||||||
Deferred tax assets | 486.9 | 498.7 | |||||||||
Other assets | 47.0 | 61.0 | |||||||||
Total assets | $ | 3,010.6 | $ | 3,110.1 | |||||||
Liabilities and stockholders' deficit | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 45.2 | $ | 38.6 | |||||||
Accrued and other current liabilities | 150.5 | 139.9 | |||||||||
Accrued compensation and benefits | 86.4 | 131.7 | |||||||||
Operating lease liability | 67.4 | 68.9 | |||||||||
Finance lease obligation | 112.6 | 114.8 | |||||||||
Deferred revenue | 734.7 | 702.6 | |||||||||
Total current liabilities | 1,196.8 | 1,196.5 | |||||||||
Operating lease liability, non-current | 550.8 | 585.2 | |||||||||
Finance lease obligation, non-current | 153.3 | 151.7 | |||||||||
Convertible senior notes, net, non-current | 1,376.9 | 1,374.0 | |||||||||
Other non-current liabilities | 83.1 | 112.1 | |||||||||
Total liabilities | 3,360.9 | 3,419.5 | |||||||||
Stockholders' deficit: | |||||||||||
Additional paid-in-capital | 2,561.3 | 2,511.6 | |||||||||
Accumulated deficit | (2,874.7) | (2,772.1) | |||||||||
Accumulated other comprehensive loss | (36.9) | (48.9) | |||||||||
Total stockholders' deficit | (350.3) | (309.4) | |||||||||
Total liabilities and stockholders' deficit | $ | 3,010.6 | $ | 3,110.1 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||
Net income | $ | 114.1 | $ | 83.2 | $ | 226.3 | $ | 224.9 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 41.8 | 38.9 | 127.0 | 117.5 | |||||||||||||||||||
Stock-based compensation | 83.8 | 86.1 | 255.1 | 243.4 | |||||||||||||||||||
Impairment related to real estate assets | — | 4.0 | 2.2 | 12.7 | |||||||||||||||||||
Amortization of debt issuance costs | 1.1 | 1.0 | 3.2 | 3.1 | |||||||||||||||||||
Net gains on equity investments | — | — | — | (5.0) | |||||||||||||||||||
Amortization of deferred commissions | 9.4 | 10.2 | 30.2 | 28.9 | |||||||||||||||||||
Non-cash operating lease expense | 10.5 | 15.4 | 34.0 | 48.3 | |||||||||||||||||||
Deferred taxes | 4.2 | 4.4 | 11.7 | 18.5 | |||||||||||||||||||
Other | 1.8 | 4.2 | 2.3 | 7.5 | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Trade and other receivables, net | (4.1) | (4.4) | (10.6) | (2.6) | |||||||||||||||||||
Prepaid expenses and other current assets | (6.4) | 2.6 | (24.0) | (23.6) | |||||||||||||||||||
Other assets | 2.8 | (1.4) | 6.5 | 3.8 | |||||||||||||||||||
Accounts payable | 0.5 | 8.9 | 7.4 | 10.3 | |||||||||||||||||||
Accrued and other current liabilities | (1.7) | (6.8) | (9.3) | 2.3 | |||||||||||||||||||
Accrued compensation and benefits | 19.9 | 29.3 | (45.2) | (35.9) | |||||||||||||||||||
Deferred revenue | 0.2 | 6.8 | 31.5 | 26.1 | |||||||||||||||||||
Other non-current liabilities | (3.0) | (7.2) | (10.6) | (13.1) | |||||||||||||||||||
Operating lease liabilities | (19.1) | (28.7) | (54.4) | (72.6) | |||||||||||||||||||
Tenant improvement allowance reimbursement | 0.1 | 4.9 | 0.1 | 8.2 | |||||||||||||||||||
Net cash provided by operating activities | 255.9 | 251.4 | 583.4 | 602.7 | |||||||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||
Capital expenditures | (9.4) | (6.2) | (14.3) | (20.9) | |||||||||||||||||||
Purchases of short-term investments | (64.7) | (138.4) | (112.6) | (439.9) | |||||||||||||||||||
Proceeds from sales of short-term investments | 4.2 | 37.6 | 335.8 | 154.2 | |||||||||||||||||||
Proceeds from maturities of short-term investments | 77.7 | 100.6 | 197.1 | 339.8 | |||||||||||||||||||
Proceeds from sales of equity investments | — | 10.6 | — | 10.6 | |||||||||||||||||||
Other | 2.5 | 3.3 | 11.2 | 12.8 | |||||||||||||||||||
Net cash provided by investing activities | 10.3 | 7.5 | 417.2 | 56.6 | |||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||
Payments of debt issuance costs | — | — | (0.1) | — | |||||||||||||||||||
Payments for taxes related to net share settlement of restricted stock units and awards | (34.4) | (29.6) | (100.6) | (91.0) | |||||||||||||||||||
Proceeds from issuance of common stock, net of taxes withheld | 1.2 | 0.1 | 2.4 | 0.4 | |||||||||||||||||||
Principal payments on finance lease obligations | (31.3) | (31.6) | (95.2) | (96.0) | |||||||||||||||||||
Common stock repurchases | (104.1) | (171.4) | (433.7) | (621.1) | |||||||||||||||||||
Net cash (used in) financing activities | (168.6) | (232.5) | (627.2) | (807.7) | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (3.6) | (6.5) | (1.9) | (12.6) | |||||||||||||||||||
Change in cash and cash equivalents | 94.0 | 19.9 | 371.5 | (161.0) | |||||||||||||||||||
Cash and cash equivalents - beginning of period | 510.3 | 352.1 | 232.8 | 533.0 | |||||||||||||||||||
Cash and cash equivalents - end of period | $ | 604.3 | $ | 372.0 | $ | 604.3 | $ | 372.0 | |||||||||||||||
Supplemental cash flow data: | |||||||||||||||||||||||
Property and equipment acquired under finance leases | $ | 26.2 | $ | 18.3 | $ | 94.1 | $ | 52.5 |
GAAP | Stock-based compensation | Acquisition-related and other expenses | Intangibles amortization | Workforce reduction expense(1) | Non-GAAP | ||||||||||||||||||||||||||||||
Cost of revenue | $ | 119.6 | $ | (5.8) | $ | — | $ | (3.7) | $ | (0.2) | $ | 109.9 | |||||||||||||||||||||||
Cost of revenue margin | 18.9 | % | (0.9 | %) | — | % | (0.6 | %) | — | % | 17.4 | % | |||||||||||||||||||||||
Gross profit | 513.4 | 5.8 | — | 3.7 | 0.2 | 523.1 | |||||||||||||||||||||||||||||
Gross margin | 81.1 | % | 0.9 | % | — | % | 0.6 | % | — | % | 82.6 | % | |||||||||||||||||||||||
Research and development | 216.4 | (58.6) | (4.6) | — | (0.6) | 152.6 | |||||||||||||||||||||||||||||
Research and development margin | 34.2 | % | (9.3 | %) | (0.7 | %) | — | % | (0.1 | %) | 24.1 | % | |||||||||||||||||||||||
Sales and marketing | 106.3 | (5.2) | — | (3.4) | (0.3) | 97.4 | |||||||||||||||||||||||||||||
Sales and marketing margin | 16.8 | % | (0.8 | %) | — | % | (0.5 | %) | — | % | 15.4 | % | |||||||||||||||||||||||
General and administrative | 60.0 | (14.2) | — | — | (0.3) | 45.5 | |||||||||||||||||||||||||||||
General and administrative margin | 9.5 | % | (2.2 | %) | — | % | — | % | — | % | 7.2 | % | |||||||||||||||||||||||
Income from operations | $ | 130.7 | $ | 83.8 | $ | 4.6 | $ | 7.1 | $ | 1.4 | $ | 227.6 | |||||||||||||||||||||||
Operating margin | 20.6 | % | 13.2 | % | 0.7 | % | 1.1 | % | 0.2 | % | 36.0 | % |
GAAP | Stock-based compensation | Acquisition-related and other expenses | Intangibles amortization | Impairment related to real estate assets(1) | Non-GAAP | ||||||||||||||||||||||||||||||
Cost of revenue | $ | 109.7 | $ | (6.4) | $ | — | $ | (2.0) | $ | — | 101.3 | ||||||||||||||||||||||||
Cost of revenue margin | 18.6 | % | (1.1 | %) | — | % | (0.3 | %) | — | % | 17.1 | % | |||||||||||||||||||||||
Gross profit | 481.3 | 6.4 | — | 2.0 | — | 489.7 | |||||||||||||||||||||||||||||
Gross margin | 81.4 | % | 1.1 | % | — | % | 0.3 | % | — | % | 82.9 | % | |||||||||||||||||||||||
Research and development | 227.6 | (60.6) | (1.4) | — | — | 165.6 | |||||||||||||||||||||||||||||
Research and development margin | 38.5 | % | (10.3 | %) | (0.2 | %) | — | % | — | % | 28.0 | % | |||||||||||||||||||||||
Sales and marketing | 103.6 | (6.0) | (1.7) | (1.2) | — | 94.7 | |||||||||||||||||||||||||||||
Sales and marketing margin | 17.5 | % | (1.0 | %) | (0.3 | %) | (0.2 | %) | — | % | 16.0 | % | |||||||||||||||||||||||
General and administrative | 56.8 | (13.1) | (1.0) | — | — | 42.7 | |||||||||||||||||||||||||||||
General and administrative margin | 9.6 | % | (2.2 | %) | (0.2) | % | — | % | — | % | 7.2 | % | |||||||||||||||||||||||
Impairment related to real estate assets | 4.0 | — | — | — | (4.0) | — | |||||||||||||||||||||||||||||
Impairment related to real estate assets margin | 0.7 | % | — | % | — | % | — | % | (0.7 | %) | — | % | |||||||||||||||||||||||
Income from operations | $ | 89.3 | $ | 86.1 | $ | 4.1 | $ | 3.2 | $ | 4.0 | $ | 186.7 | |||||||||||||||||||||||
Operating margin | 15.1 | % | 14.6 | % | 0.7 | % | 0.5 | % | 0.7 | % | 31.6 | % |
GAAP | Stock-based compensation | Acquisition-related and other expenses | Intangibles amortization | Impairment related to real estate assets(1) | Workforce reduction expense(2) | Non-GAAP | |||||||||||||||||||||||||||||||||||
Cost of revenue | $ | 356.5 | $ | (17.6) | $ | — | $ | (10.9) | $ | — | $ | (2.9) | $ | 325.1 | |||||||||||||||||||||||||||
Cost of revenue margin | 19.1 | % | (0.9 | %) | — | % | (0.6 | %) | — | % | (0.2 | %) | 17.4 | % | |||||||||||||||||||||||||||
Gross profit | 1,510.1 | 17.6 | — | 10.9 | — | 2.9 | 1,541.5 | ||||||||||||||||||||||||||||||||||
Gross margin | 80.9 | % | 0.9 | % | — | % | 0.6 | % | — | % | 0.2 | % | 82.6 | % | |||||||||||||||||||||||||||
Research and development | 714.4 | (178.9) | (17.9) | — | — | (27.6) | 490.0 | ||||||||||||||||||||||||||||||||||
Research and development margin | 38.3 | % | (9.6 | %) | (1.0 | %) | — | % | — | % | (1.5 | %) | 26.3 | % | |||||||||||||||||||||||||||
Sales and marketing | 346.4 | (17.0) | (8.3) | (10.2) | — | (6.6) | 304.3 | ||||||||||||||||||||||||||||||||||
Sales and marketing margin | 18.6 | % | (0.9 | %) | (0.4 | %) | (0.5 | %) | — | % | (0.4 | %) | 16.3 | % | |||||||||||||||||||||||||||
General and administrative | 175.8 | (41.6) | (0.4) | — | — | (1.8) | 132.0 | ||||||||||||||||||||||||||||||||||
General and administrative margin | 9.4 | % | (2.2 | %) | — | % | — | % | — | % | (0.1 | %) | 7.1 | % | |||||||||||||||||||||||||||
Impairment related to real estate assets | 2.2 | — | — | — | (2.2) | — | — | ||||||||||||||||||||||||||||||||||
Impairment related to real estate assets margin | 0.1 | % | — | % | — | % | — | % | (0.1 | %) | — | % | — | % | |||||||||||||||||||||||||||
Income from operations | $ | 271.3 | $ | 255.1 | $ | 26.6 | $ | 21.1 | $ | 2.2 | $ | 38.9 | $ | 615.2 | |||||||||||||||||||||||||||
Operating margin | 14.5 | % | 13.7 | % | 1.4 | % | 1.1 | % | 0.1 | % | 2.1 | % | 33.0 | % |
GAAP | Stock-based compensation | Acquisition-related and other expenses | Intangibles amortization | Impairment related to real estate assets(1) | Non-GAAP | ||||||||||||||||||||||||||||||
Cost of revenue | $ | 328.4 | $ | (18.8) | $ | — | $ | (5.9) | $ | — | $ | 303.7 | |||||||||||||||||||||||
Cost of revenue margin | 19.0 | % | (1.1 | %) | — | % | (0.3 | %) | — | % | 17.6 | % | |||||||||||||||||||||||
Gross profit | 1,397.7 | 18.8 | — | 5.9 | — | 1,422.4 | |||||||||||||||||||||||||||||
Gross margin | 81.0 | % | 1.1 | % | — | % | 0.3 | % | — | % | 82.4 | % | |||||||||||||||||||||||
Research and development | 653.4 | (169.6) | (6.0) | — | — | 477.8 | |||||||||||||||||||||||||||||
Research and development margin | 37.9 | % | (9.8 | %) | (0.3 | %) | — | % | — | % | 27.7 | % | |||||||||||||||||||||||
Sales and marketing | 304.3 | (16.4) | (5.1) | (3.9) | — | 278.9 | |||||||||||||||||||||||||||||
Sales and marketing margin | 17.6 | % | (1.0 | %) | (0.3 | %) | (0.2 | %) | — | % | 16.2 | % | |||||||||||||||||||||||
General and administrative | 165.6 | (38.6) | (1.2) | — | — | 125.8 | |||||||||||||||||||||||||||||
General and administrative margin | 9.6 | % | (2.2 | %) | (0.1) | % | — | % | — | % | 7.3 | % | |||||||||||||||||||||||
Impairment related to real estate assets | 12.7 | — | — | — | (12.7) | — | |||||||||||||||||||||||||||||
Impairment related to real estate assets margin | 0.7 | % | — | % | — | % | — | % | (0.7 | %) | — | % | |||||||||||||||||||||||
Income from operations | $ | 261.7 | $ | 243.4 | $ | 12.3 | $ | 9.8 | $ | 12.7 | $ | 539.9 | |||||||||||||||||||||||
Operating margin | 15.2 | % | 14.1 | % | 0.7 | % | 0.6 | % | 0.7 | % | 31.3 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
GAAP net income | $ | 114.1 | $ | 83.2 | $ | 226.3 | $ | 224.9 | |||||||||||||||
Stock-based compensation | 83.8 | 86.1 | 255.1 | 243.4 | |||||||||||||||||||
Acquisition-related and other expenses | 4.6 | 4.1 | 26.6 | 12.3 | |||||||||||||||||||
Amortization of acquired intangible assets | 7.1 | 3.2 | 21.1 | 9.8 | |||||||||||||||||||
Impairment related to real estate assets | — | 4.0 | 2.2 | 12.7 | |||||||||||||||||||
Workforce reduction expense | 1.4 | — | 38.9 | — | |||||||||||||||||||
Net gains on equity investments | — | — | — | (5.0) | |||||||||||||||||||
Income tax effects of non-GAAP adjustments | (16.9) | (27.5) | (56.0) | (65.4) | |||||||||||||||||||
Non-GAAP net income | $ | 194.1 | $ | 153.1 | $ | 514.2 | $ | 432.7 | |||||||||||||||
Non-GAAP diluted net income per share | $ | 0.56 | $ | 0.43 | $ | 1.49 | $ | 1.18 | |||||||||||||||
Weighted-average shares used to compute Non-GAAP diluted net income per share | 346.0 | 360.1 | 345.9 | 366.5 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Free cash flow reconciliation: | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 255.9 | $ | 251.4 | $ | 583.4 | $ | 602.7 | |||||||||||||||
Less: | |||||||||||||||||||||||
Capital expenditures | (9.4) | (6.2) | (14.3) | (20.9) | |||||||||||||||||||
Free cash flow | $ | 246.5 | $ | 245.2 | $ | 569.1 | $ | 581.8 | |||||||||||||||
Free cash flow margin | 38.9 | % | 41.5 | % | 30.5 | % | 33.7 | % | |||||||||||||||
Supplemental disclosures: | |||||||||||||||||||||||
Key employee holdback payments related to acquisitions(1) | $ | 0.5 | $ | — | $ | 21.9 | $ | 14.3 | |||||||||||||||
Payments related to workforce reduction(2) | $ | 4.9 | $ | — | $ | 38.9 | $ | — |
Document and Entity Information Document |
Nov. 02, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 02, 2023 |
Entity Registrant Name | DROPBOX, INC. |
Entity Central Index Key | 0001467623 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38434 |
Entity Tax Identification Number | 26-0138832 |
Entity Address, Address Line One | 1800 Owens St. |
Entity Address, City or Town | San Francisco |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94158 |
City Area Code | 415 |
Local Phone Number | 857-6800 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, par value $0.00001 per share |
Trading Symbol | DBX |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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